Safilo approves the results of the first quarter of 2011

The Board of Directors of Safilo Group S.p.A. yesterday reviewed and approvedthe results of the first quarter of 2011.In the period, the Group’s results improved compared to the same period of 2010, with mid single-digitsorganic sales growth and increase of profitability.

In particular:

• Revenues increased by 5.1% at current currency (+5.1% also at constant perimeter1 and exchangerates), with the performance driven by the continuing recovery in US, the expansion of the main fastgrowingAsian and Latin American regions and the mixed trends of the European markets;

• EBITDA and EBIT grew by 17.6% and 30.2% respectively, as a result of the improvement of grossmargin and further operating deleverage in the area of SG&A expenses, also reflecting a moreefficient retail business. At the net profit level, the Group’s result also benefitted from lowerfinancial expenses and tax rate;

• Net Debt was equal to Euro 268.2 at the end of the quarter, slightly higher than at the end of 2010due to the seasonal trends of working capital and higher investments.

Roberto Vedovotto, Chief Executive Officer of the Safilo Group, commented:“This quarter is another important step in the right direction for our Group.First quarter results pointed to a dynamic start of the year, which remains, nonetheless, characterized by achallenging business environment and an uncertain geo-political scenario.Safilo started 2011 with renewed growth, in the context of the steady improvement of selected matureeconomies and the continued momentum of its addressable ‘new’ markets for branded high-end products.Our unique brand portfolio, enriched by the new January 2011 collections, was the engine behind the newbusiness opportunities that we tackled in order to continue to stretch our reach and presence in themarketplace. Our core wholesale business thus continued to grow, substantially in line with last year.Revenue growth was accompanied by a significant improvement of the Group’s overall level of profitabilityand by a financial leverage at 2.4x, in line with the record level reached at year end 2010. In light of the ongoing strengthening of our business model, as well as the reinforcing of our organisational and managerial structures, we maintain a strong focus and a firm commitment to a constant, long-term oriented growth for our Group.”